Brian Armstrong of Coinbase Is Crypto's Last Big Man Standing

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In the fast-moving world of cryptocurrency, where founders rise and fall with startling speed, Brian Armstrong has emerged as a rare constant. While competitors have collapsed under legal pressure or scandal, Armstrong has steered Coinbase through turbulent markets, regulatory battles, and technological shifts—emerging stronger and more influential than ever.

With Sam Bankman-Fried (SBF) facing prison and Changpeng "CZ" Zhao stepping down from Binance amid a sweeping U.S. enforcement action, Armstrong now stands as the most prominent CEO in the crypto industry. His leadership at Coinbase—founded in 2012—has not only endured but evolved, positioning the exchange at the forefront of crypto’s next major growth phase.

The Rise of a Resilient Leader

Armstrong’s journey reflects a blend of vision, persistence, and strategic patience. Over more than a decade, he has outlasted nearly every major peer in the crypto exchange space. While others pursued rapid expansion with minimal regard for compliance, Armstrong prioritized regulatory alignment—even when it slowed growth.

This long-term approach paid off. Coinbase became the first major U.S.-based crypto exchange to go public in 2021, subjecting itself to rigorous financial disclosures and oversight. That decision, while costly in the short term, has given Coinbase a critical edge: legitimacy in the eyes of regulators, institutional investors, and policymakers.

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Today, as the industry grapples with increased scrutiny, Coinbase’s compliant foundation makes it a trusted partner for upcoming innovations—most notably, Bitcoin ETFs.

Strategic Moves in 2023: Base, Derivatives, and ETFs

This year marked a pivotal expansion for Coinbase across multiple fronts:

“Derivatives make up 75% of global crypto volumes and the industry is in need of a trusted, regulatory compliant exchange like Coinbase to offer safe derivatives products,” Armstrong told CoinDesk.

These moves aren’t just about revenue—they’re about reinforcing Coinbase’s role as a foundational layer in the evolving crypto economy.

Regulatory Challenges and Industry Advocacy

Despite its progress, Coinbase faces significant headwinds. In June 2023, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit accusing Coinbase of operating an unregistered securities exchange, broker, and clearing agency. The case could set a precedent for how digital assets are classified and regulated across the industry.

Armstrong has pushed back forcefully. Rather than retreat, he’s amplified Coinbase’s political engagement—framing the battle as one for innovation, economic freedom, and consumer choice.

At the heart of this effort is Stand With Crypto, a nonprofit advocacy group launched in mid-2023. Unlike narrow lobbying campaigns focused on corporate interests, Stand With Crypto aims to mobilize the broader crypto community—modeling its strategy after powerful U.S. advocacy organizations like the NRA and Planned Parenthood.

The group grades politicians based on their crypto-related policy positions, empowers users to contact representatives, and funds educational campaigns. To date, it has grown to over 100,000 advocates.

“There are 52 million Americans who use crypto now,” Armstrong said in a September CNBC interview. “We’re building tools to help them make their voices heard.”

Coinbase spent $2.1 million on lobbying in the first nine months of 2023 alone—underscoring its commitment to shaping policy. But Armstrong insists the mission extends beyond profit: “Crypto isn’t going away. It’s the future of money.”

Why Armstrong Still Matters

In an industry defined by disruption, Armstrong’s staying power is no accident. His strategy hinges on three core principles:

  1. Compliance as competitive advantage – By adhering to U.S. regulations early and consistently, Coinbase avoids the fate of FTX and Binance.
  2. Long-term infrastructure building – From Base to custody services, Coinbase invests in foundational technologies that outlast market cycles.
  3. Public advocacy as industry leadership – Rather than operate behind closed doors, Armstrong engages directly with users, lawmakers, and media.

These efforts position Coinbase not just as an exchange, but as a steward of mainstream crypto adoption.

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FAQs: Brian Armstrong and Coinbase in 2024

Q: Why is Brian Armstrong considered crypto’s last major CEO standing?
A: With SBF convicted of fraud and CZ stepping down from Binance due to legal pressures, Armstrong remains the only founder-led CEO of a top-tier U.S. exchange still in command—making him a central figure in the industry’s future.

Q: What is Base by Coinbase?
A: Base is Coinbase’s open-source Ethereum Layer 2 blockchain designed to reduce transaction fees and improve scalability. It has rapidly grown in popularity, especially among social and consumer-focused decentralized applications.

Q: Is Coinbase involved in Bitcoin ETFs?
A: Yes. Coinbase is expected to serve as a custodian for several proposed spot Bitcoin ETFs. Its regulatory compliance and security infrastructure make it a preferred partner for major financial institutions seeking SEC approval.

Q: What is Stand With Crypto?
A: Stand With Crypto is a nonprofit advocacy organization launched by Coinbase to promote pro-crypto policies in the U.S. It empowers users to engage with lawmakers and tracks political support for digital asset innovation.

Q: How is Coinbase handling SEC litigation?
A: Coinbase is contesting the SEC’s lawsuit aggressively while advocating for clearer regulatory frameworks. The company argues that many digital assets should not be classified as securities and emphasizes its commitment to compliance.

Q: What’s next for Coinbase in 2024?
A: Key developments include potential approval of Bitcoin ETFs, expansion of derivatives offerings, growth of the Base ecosystem, and continued political advocacy—especially around the upcoming U.S. election cycle.

Looking Ahead: Crypto’s Next Chapter

Armstrong remains optimistic about 2024. With the Bitcoin halving on the horizon, growing institutional interest, and increasing regulatory clarity, he sees a perfect storm for adoption.

“With Layer 2, ETFs, and the Bitcoin halving next year, I'm optimistic for 2024,” he said.

His vision extends beyond Coinbase’s success—it’s about ensuring crypto becomes a permanent part of the global financial system. And as one of the few leaders who’ve weathered every crypto winter, Armstrong may be best positioned to lead that transformation.

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